Future Retail shares tank 5.6% on bourses

MUMBAI: Shares of Future Retail today fell 5.6 per cent amid reports that market regulatorSebi has sought clarifications from the Kishore Biyani-led company on the manner in which the entity intends to merge its subsidiary Future Value Retail (FVRL) with itself.

At NSE, the stock tumbled 5.52 per cent to Rs 75.20. As per media reports, Sebi has sought clarifications on the proposed deal, which involves the merger of FVRL with Future Retail, on concern that the move might lead to dilution of a sizeable equity in the parent firm, hurting minority shareholders.